Author: Abimbola Daniels

TWENTY-SEVEN members of the Lagos State House of Assembly on Wednesday, February 19, dismissed rumours suggesting that they have left the All Progressives Congress (APC) to join the opposition Labour Party (LP). The defection rumour is coming amid the crisis rocking the Assembly. The crisis deepened following moves by ousted Speaker Mudashiru Obasa to return to the House. This newspaper reports that Obasa, who was removed by the majority of the lawmakers on January 13, 2025, approached the court last week to seek redress. The lawmaker dragged the Assembly and the new Speaker, Meranda, before a Lagos State High Court…

AFRICA’s Global Bank, United Bank for Africa (UBA) Plc demonstrated its commitment to fostering peace and stability across Africa with a landmark donation of $500,000 to the African Union (AU) Peace Fund. This donation by the UBA Group supports the AU’s efforts towards promoting security, conflict resolution, sustainable development, and a unified Africa, as envisioned in the AU’s Africa Agenda 2063. The AU Peace Fund plays a crucial role in financing mediation and preventive diplomacy efforts across Africa, strengthening institutional capacity and ensuring rapid responses to emerging conflicts. UBA’s support underscores its dedication to the collective progress of African nations,…

OPERATIVES of the Department of State Services (DSS), accompanied by Nigeria Police, on Monday morning, raided the Lagos State House of Assembly, sealing off the offices of the Speaker, Mojisola Meranda, her Deputy, and the Clerk of the House. The raid, which took place at dawn, has sent shockwaves across political circles in the state. By 10 AM, armed security personnel had taken control of the Assembly premises at Alausa, Ikeja, and were thoroughly frisking passersby. Meranda, however, arrived at the premises at approximately 11:15 AM with her convoy. Security vans and personnel were also spotted in and outside the…

EMBATTLED Lagos lawmaker, Mudashiru Obasa, has approached the court to challenge his removal as the Speaker of the Lagos State House of Assembly. The lawmaker dragged the Assembly and the new Speaker, Mojisola Meranda, before a State High Court in Ikeja, claiming that the lawmakers were wrong to have removed him when the Assembly was on recess. In a motion dated February 12, 2025, Obasa, through his counsel led by Chief Afolabi Fashanu, SAN, sought an order from the court for an accelerated hearing of the suit. Obasa, who was out of the country, was removed as the Lagos Assembly…

IN a strategic move influenced by market dynamics, the Nigerian National Petroleum Company Limited (NNPCL) has decreased the petrol pump price from ₦960 to ₦945 per litre at its retail stations, effective Thursday, February 13. This decision aligns with recent industry trends, notably MRS Oil Nigeria Plc’s announcement of a new petrol pump price of ₦925 per litre across all its filling stations in Lagos. MRS detailed its regional pricing structure, setting petrol prices at ₦935 per litre in the South West, ₦945 per litre in the North, and ₦955 per litre in the South East. These price adjustments are…

THE Nigeria Customs Service (NSC) has intercepted a highly disturbing number of arms and ammunition smuggled into the country. The values of the large arms and ammunition are yet to be disclosed officially but a source in the Service told News Point Nigeria that cache is worth billions. The Comptroller-General of Customs, Adewale Adeniyi, is already in Lagos and has handed over the total of 1,599 assorted arms and 2, 298 live cartridges to the National Centre for the Control of Small Arms and Light Weapons (NCCSALW). Speaking during the handover ceremony, the Comptroller General of Customs, Adewale Adeniyi, stated…

ONE month after his removal as the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has been absent from the sittings in the House. This newspaper reports that Obasa was removed by the majority of the 40 lawmakers in the House on January 13, 2025, which makes one month today, February 13, 2025. The lawmakers cited financial misappropriation and abuse of office as parts of the grounds for Obasa’s removal. Obasa, who was away in the United States when he was removed, denied the allegations upon his return to Lagos on January 25, 2025, asking the lawmakers to…

DANGOTE Petroleum Refinery and Petrochemicals says it has reduced the cost of its diesel to N1,020 per litre, down from N1,075 per litre at the gantry price. In a statement late on Tuesday, the company said the reduction was to better serve its customers and Nigerians in general. The PUNCH recalls that when it began diesel production in January 2024, the refinery reduced the price of diesel more than three times, from an initial N1,700 per litre to N1,000. Recently, the refinery also reduced the ex-depot price of petrol from N950 to N890 per litre. This resulted in marketers dropping…

THE Ondo State Police Command has confirmed the abduction of three students of the Federal College of Agriculture, Akure while working at a farm near the Akure Airport. The incident was said to have happened at a farm settlement named Oke Oge in the Oba-ile area of Akure North Local Government Area of the state. The victims who are students undergoing Industrial Training (IT) in the farm were reportedly abducted on Saturday evening while returning home. The Public Relations Officer of Ondo State Police Command, ‘Funmilayo Odunlami, said anti-kidnapping operatives of the command have been deployed to the area. Also,…

MRS Oil Nigeria Plc is now selling Premium Motor Spirit (PMS), commonly known as petrol, for N925 per litre at all its stations across Lagos. This price cut happened days after the Dangote Refinery, MRS partner, reduced the ex-depot price to N890 per litre. The company also announced that petrol pump prices will be sold for N935 per litre in the South West, N945 in the North and N955 in the East. The company announced on Monday on its official X (formerly Twitter) account that MRS Petrol is now selling at new regional prices. “The prices may vary, but one…

LAGOS State government has signed a Memorandum of Understanding (MoU) with construction company, Summa Group, for the development and construction of international airport around the Lekki-Epe axis. This was disclosed by the state governor, Babajide Sanwo-Olu, in a statement on his X handle on Saturday. Governor Sanwo-Olu said the Lekki-Epe International Airport will facilitate travel and create new opportunities for businesses and residents throughout the state. The statement read, “We signed a Memorandum of Understanding (MoU) with the internationally acclaimed construction company, Summa Group, to develop and construct the much-awaited Lekki-Epe International Airport. “This groundbreaking initiative is an essential part…

CHAIRMAN, Tony Elumelu Foundation, Mr. Tony Elumelu has called for global support for young African entrepreneurs to drive meaningful and sustainable transformation of the continent. Elumelu, who is also the Chairman of UBA Group Plc, and Heirs Holdings, made this call while speaking at the Legacy Builders Palm Beach Conference, in Florida, US. According to him, African youths are key to the transformation of the continent, adding that this inspired the creation of the Tony Elumelu Foundation, which is dedicated to empowering African entrepreneurs. “Today, we have granted 2.5 million Africans access to training on TEFConnect, our online portal, and…

THE Nigerian Ports Authority (NPA) has announced a 15% tariff increase, the first in 32 years. NPA managing director, Abubakar Dantsoho, disclosed this on Thursday in Lagos during the stakeholders’ engagement for the approved 15% NPA tariff increment across board. Represented by the Executive Director of Marine and Operations, Olalekan Badmus, Dantsoho stated that the agency had maintained the same rates for over three decades despite significant economic changes, including exchange rate fluctuations, rising wages, fuel and lubricant costs, and inflation. Compelled by the exigency of bringing Nigerian Ports up to speed with those of its peers in terms of…

TO address Nigeria’s growing waste management challenges, promote sustainable practices, and empower young Nigerians, the United States International Visitor Leadership Program Alumni Association (IVLPAA) introduced the innovative Waste to Wealth training initiative. This groundbreaking program aims to educate and equip youth with the tools needed to transform waste into valuable resources. Held at the American Corner in Ikeja, Lagos, the event brought together a diverse group of environmental experts and a vibrant crowd of enthusiastic young Nigerians eager to explore the potential of recycling. In his opening remarks, IVLPAA President, Adedayo Oketola, welcomed participants and emphasised the importance of sustainable…

THE decision by the Dangote Petroleum Refinery to reduce the ex-depot price of Premium Motor Spirit (petrol) on Saturday night came at huge costs to many petroleum marketers. Marketers who spoke to our correspondent said the sudden price reduction by the Dangote refinery must have been occasioned by the recent warnings that some traders were planning to resort to importation if the foreign PMS remains cheaper than the ex-depot prices of locally refined products. On Saturday night, the 650,000-capacity refinery told Nigerians that it had reduced its price from N950 to N890 per litre. “In a bold move to drive…

BUA Foods’ after-tax profit in 2024 more than doubled its 2023 numbers, as it hit N274.9 billion, the group’s highest ever. According to the group’s unaudited financial statement for FY 2024, the group’s PAT was 145 percent higher than the N112.1 billion recorded in FY 2023. The group’s revenue in FY 2024 grew to N1.53 trillion, more than double the N729 billion recorded in 2023. There was a 110 percent growth in cost of sales to N985 billion, from N469 billion posted in FY 2023. This led to a slight decline in the group’s gross margin to 35 percent, from…

OVER 30 members of the Lagos State House of Assembly on Thursday stormed the Department of State Security office in the Magodo area of the state. Their visit appears to be connected to the detention of two of their colleagues who were invited on Wednesday for questioning relating to issues of the state assembly. The two lawmakers invited for questioning are Hon. Lanre Afinni and Hon. Sylvester Ogunkelu. According to sources, one of them has been released, while the other lawmaker is still in DSS custody. The lawmakers currently within the premises of the DSS include: Hon. Abiodun Tobun Representing…

AMID the economic hardship and digital glitches that dominated last year, financial transactions via electronic payment platforms rose by nearly 80 per cent to break the quadrillion mark for the first time in 2024 Specifically, e-payment transactions rose by nearly 8 0 per cent above N600 trillion recorded in 2023 to hit N1.07 quadrillion. This is according to data released by the Nigeria Inter-Bank Settlement System (NIBSS) yesterday. While the e-payment data showed a steady increase throughout the 12 months of the year, the highest value was recorded in December. The analysis showed that in January, from 887.58 million volumes…

THE Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States, the Africa Report reported on Monday. The refinery resorted to crude importation as local supply challenges hindered the new $20bn refinery’s push to reach full refining capacity. Recall that the refinery plans to reach its 650,000 barrels per day capacity in June this year. However, low local crude supply from the Nigerian National Petroleum Company Limited is currently a challenge to this plan to ramp up daily production. The 12 million barrels of crude has already left the United States and will…

THE Economic and Financial Crimes Commission (EFCC) has commenced investigation into the cause of death of one of its officers found dead on a street in Lagos. This was in reaction to a video of a man found dead and identified to be Sylvanus, a staff of the EFCC. When this newspaper contacted EFCC spokesperson, Dele Oyewale, on what must have been cause the death of Sylvanus, he said “his death is being investigated.” According to the video obtained by this newspaper, the cause of his death remained unknown as the man’s lifeless body was seen without any sign of…